# Clessidra SGR

Clessidra SGR is an Asset Manager based in Milan, Italy.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Milan, Italy
- **Region:** Europe
- **Address:** Milan, Italy
- **Founded:** 2000
- **Assets under management:** Undisclosed
- **Website:** www.clessidrasgr.it

## Regulatory record

- **CRD number:** 163492
- **SEC file number:** 802-75612
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/163492

## About

Clessidra SGR S.P.A. is a Milan-based investment adviser registered with the SEC since 2012.

## Sectors

- Private Equity
- Real Estate
- Infrastructure
- Private Debt

## People

- Federico Ghizzoni — Chairman
- Michele Calzavara — Chief Executive Officer

## Questions

### Who runs investment decisions at Clessidra SGR?

The firm is chaired by Federico Ghizzoni (former UniCredit CEO) and led by CEO Michele Calzavara. Investment decisions flow through separate fund committees for each strategy—private equity, real estate, infrastructure, and private debt.

### What investment stages and geographies does Clessidra target?

Clessidra focuses exclusively on Italian mid-market companies. In private equity, it targets majority and significant minority stakes in companies with enterprise values between €100 million and €500 million. Its real estate and infrastructure funds target value-add and regulated assets within Italy.

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Last updated: 2026-06-03T20:00:00.000Z

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